Belgium's KBC reports Q1 net profit above forecasts

BRUSSELS: Belgian financial group KBC on Tuesday reported better-than-expected net profit in the first quarter, caused by a strong improvement in the company's insurance business and its international markets unit swinging to a profit.
Net profit, adjusted for one-off items, rose by 51 percent in the first quarter from the same period last year to 510 million Euros ($570.49 million), well above the 384 million Euros expected in a Reuters poll of six analysts.

The group said its combined ratio - costs plus claims as a percentage of revenues, a key profit indicator in the non-life sector - fell to 82 percent in the first quarter due to a mild winter across all regions ($1 = 0.8940 Euros).